The JLL New York Research Team has released their latest report, the New York Employment Update, which is a monthly review and analysis of the local economy and the overall employment situation and dynamics.
Some highlights of the report include an employment pickup that occurred in June, piloted by an 8,000 job-expansion month-over-month. Total employment remains elevated by 1.9 percent year-over-year.
So what does this mean for commercial real estate in the Big Apple? Our Research Team reports that the rate of growth is cooling despite hot temperatures in the streets, and the “new normal” for growth appears to be slow and steady.
Most sectors posted healthy gains in June, but employment in financial services and high-tech declines. As these are both integral sectors to leasing activity in the market, this could be an indicator of future change. Despite this, both industries captured a solid share of leasing activity in New York City.